Toronto-based CIBC reports it has supported the enrollment of tens of thousands of CIBC credit card holders in Visa Checkout since the bank introduced direct client access to the online payment service through its website last fall, the first Canadian bank to do so.
Online merchants currently offering Visa Checkout in Canada include London Drugs, Gap, Banana Republic, Old Navy, WestJet, Kobo, 1-800-Flowers.com, Running Room, Cineplex Entertainment, Beyond the Rack, ClearlyContacts.ca, World Vision, lululemon athletica, Staples Canada, Newegg.ca, Orbitz, Ticketmaster, Gymboree and TigerDirect.ca, with more to be announced.
Visa launched Visa Checkout to simplify online shopping on any device. Whether using a computer, tablet or mobile device, Visa Checkout allows consumers to make online purchases more quickly and easily by eliminating the need to re-enter card and shipping information. Visa uses advanced security technologies to protect cardholder information, including industry standard encryption and multilayer authentication.
According to Statistics Canada, e-commerce is a billion dollar industry in this country, with retail e-commerce sales growth at over five times the pace of the overall growth in retail trade.
Once enrolled in Visa Checkout, online shoppers can use any major credit, prepaid or Visa debit card and speed through checkout using only their username and password. Customers can enroll CIBC VISA Credit or Advantage Debit cards, CIBC MasterCard credit cards, as well as other bank cards.
CIBC launched the first mobile banking app in Canada in 2010, a first of its kind mobile payments app in 2012, and more recently was first among the big 5 to allow clients to deposit cheques using their smartphone in 2013.
CIBC has nearly 11 million personal banking and business clients in Canada.
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